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Unemployment hysteresis in EU countries: what do we really know about it?

Article Information:

Title:

Unemployment hysteresis in EU countries: what do we really know about it?

Author(s):

Dimitris K. Christopoulos, Miguel A. Leon-Ledesma

Journal:

Journal of Economic Studies

Year:

2007

Volume:

34

Issue:

2

Page:

80 - 89


ISSN:

0144-3585


DOI:

10.1108/01443580710745353

Publisher:

Emerald Group Publishing Limited

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Abstract:

Purpose – The paper aims to re-examine the stationarity properties of unemployment rates in 12 European Union (EU) countries over the period 1988: I-1999: IV.

Design/methodology/approach – This paper applies a battery of second-generation panel unit root tests that allow for cross-sectional correlation.

Findings – The study shows that, contrary to previous empirical literature, hysteresis does not characterise EU unemployment.

Originality/value – This paper uses recent advances in the econometrics of panel unit root tests. The new tests have more power than the traditional ones in detecting the null hypothesis of a unit root.

Keywords:

Business cycles, European Union, Unemployment


Article Type:

Research paper


Article URL:

http://www.emeraldinsight.com/10.1108/01443580710745353

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